Most borrowers who have significant equity in their commercial real estate properties but not a lot of cash on hand struggle to efficiently purchase new properties. They assume the only method to generate the down payment for a new acquisition is to complete a cash-out refinance of existing real … [Read more...]
9.13.19: Country Inn & Suites Gen 4 Transition Update
Much of the excitement for owners and developers around Country Inn & Suites is tied to renovating properties and transitioning to the Generation 4 design. Since the Gen 4 prototype was launched a few years ago, 140 Country Inn & Suites hotels have completed renovations to comply with the … [Read more...]
9.9.19: Loan Requests Surge Amid Record Low Rates
New loan requests are surging for ValueXpress as interest rates for CMBS conduit loans have plummeted to the lowest levels in history. Recall that the interest rate on a 10-year fixed-rate CMBS conduit loan consists of the 10-year swap rate plus the loan spread. The swap rate has declined steadily … [Read more...]
9.4.19: CMBS Conduit Loans Filling Fannie/Freddie Gap for Multifamily
After acquiring multi-family loans at a record-breaking pace over the first seven months of the year, Fannie Mae and Freddie Mac have sharply pulled back in recent weeks, opening lending opportunities for others, including CMBS lenders, according to Commercial Mortgage Alert (CMA).CMA notes that … [Read more...]
8.29.19: Tips for Making Escrow Draws Simple for a CMBS Conduit Loan
Some borrowers gripe that it is difficult to get funds from escrow/reserve accounts for a CMBS conduit loan. With simple planning, reimbursements from CMBS loan servicers can be painless. It is important to know the ground rules before you start the work that is eligible for reimbursement. Here is … [Read more...]
8.26.19: The History of CMBS
Michael D. Sneden, Executive Vice President at ValueXpress,completed his first CMBS transaction with Donaldson Lufkin Jenrette (now Credit Suisse) in 1993. It was secured by a 412-unit apartment complex in St. Louis, Missouri. So you can imagine Mike was looking forward to reading CMBS veteran Manus … [Read more...]
8.22.19: Can CMBS Work with C-PACE?
C-PACE (Commercial Property Assessed Clean Energy) is a means of financing energy efficiency upgrades, renewable energy installations and similar projects related to residential, commercial and industrial buildings. PACE programs pay for the capital costs of these green initiatives with repayment … [Read more...]
8.15.19: Malls Are Not Dead. A New Mall Rises in Connecticut!
Brookfield Property is developing a 700,000-square-foot regional mall in South Norwalk, Connecticut on West Avenue next to I-95. Construction is nearly complete and the property, called the SoNo Collection, is scheduled to open in October. The mall will be anchored by Bloomingdale’s and Nordstrom’s, … [Read more...]
8.12.19: Lending Rates Fall Dramatically
An unexpected rapid decline in the 10-year Treasury and swap yield has driven down loan rates for CMBS conduit loans and other commercial loans tied to these indexes. The 10-year swap has declined an astounding 100 basis points (bp) since May and nearly 40 bp in the last three weeks. Analysts are … [Read more...]
8.8.19: CBRE Reports on Cap Rates at Mid-Year
CBRE notes that capitalization rates (cap rates) were broadly stable in the first half of 2019 in its recently published survey for income producing commercial real estate (retail, office, industrial, multifamily and hotel) as of June 30, 2019. Suburban multifamily cap rates tightened most across … [Read more...]
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